Sharing a credit card can make it easier to manage shared expenses after getting married. With a joint credit card, both partners can make charges and are equally liable for the payments. Should you get one? Check the pros and cons below and help yourself arrive at an informed decision.
Pros of joint credit cards
It is one less bill to pay. It becomes simpler to pay your rent, utility bills, or grocery shopping when you only have one credit card. You share everything anyway, so why not make it easy on yourselves?
You help your spouse achieve better credit. How bad is the credit of your spouse? If you add him or her to your credit card, you can help fix their credit. Just take note that your join credit card will only work if you both manage it right.
You help your spouse qualify for better terms. If they have bad credit, they will only get high interest rates or fail to secure a credit card altogether. At this point, the headache of your spouse is also yours.
Costs are split. Instead of having to pay separate annual fees, you only pay for one and still enjoy the perks. This is one less expense for your household so definitely a win.
Earn more rewards. More spending means double the rewards that you will earn on your joint credit card!
Cons of joint credit cards
Both partners are responsible for the bill. In case you fail to settle your balance, your credit card provider may go after you for purchases that you did not make. Also, delinquencies will affect your credit report and even get you sued.
Money disagreements are problematic. Sharing a credit card can lead to money disagreements that may put a strain on the relationship. Be particularly cautious if you have different spending habits than your partner.
One person can weaponize the credit card. Meaning, use it in a way to hurt the other partner. It sounds childish but some people do this after a breakup. Splurging is their form of revenge and leave the other with the large credit card bill. Really think and long hard before you sign up for a joint credit card!